The Institute for Supply Management has reported that the Purchasing Manufacturers’ Index rose by 2.4 points to 59 in October (a figure of 50 or more indicates growth). It was the 17th consecutive month in which US manufacturing registered growth, the Institute for Supply Management confirmed.

The new-orders index stood at 65.8, an increase of 5.8 from the September figure.

Chad Moutray, chief economist at the USA’s National Association of Manufacturers, said: “The October results suggest healthy gains in the sector as we move into the fourth quarter. Business conditions are good, with sales and production volumes generally increasing.”

Daniel J Meckstroth, chief economist at the Manufacturers’ Alliance for Productivity and Innovation, said: “A rising level of manufacturing employment shows that production growth is strong. With Europe and Brazil exhibiting malaise, China facing decelerating growth, and falling commodity prices taking the steam out of much of Latin America and Russia, the USA seems to be an island of prosperity.”